Philex reports higher Jan-Nov shipments, output

ABS-CBN News

Posted at Dec 06 2010 01:58 PM | Updated as of Dec 06 2010 09:58 PM

MANILA, Philippines - The estimated value of ore shipped by Philex Mining Corp. in the first 11 months of the year increased by 35% due to higher output and rising metal prices.

Philex said the value of gold and copper ore from its Padcal mine in Benguet province rose to P11.75 billion in January to November 2010 from P8.7 billion in the same period of 2009.

Output for the 11-month period also rose 13.6% to 8.53 million dry metric tons (DMT) from 7.5 million DMT last year.

"Barring unforeseen circumstances, we are confident that we will be able to keep the production level that we have achieved up to the end of the year," said Philex president and chief operating officer Jose Ernesto Villaluna Jr.

"We may continue to see good if not better ore grades as well," he added.

In November alone, Philex reported it produced 14,055 ounces of gold, 3.24 million pounds of copper, and 13,115 ounces of silver.

It delivered 826,549 DMT of ore, resulting in 5,976 DMT of concentrates containing 72.63 grams of gold per DMT, 24.63 percent copper, and 68.23 grams of silver per DMT.

The estimated value of last month’s production was P1.42 billion.

Meanwhile, Philex also effected 2 shipments for Pan Pacific last month.

The shipments, with gross value of P2.36 billion, contained 23,707 ounces of gold, 5.39 million pounds of copper and 23,211 ounces of silver from 10,112 DMT of concentrates.

Philex is set to complete the feasibility study for its Silangan copper-gold mine project in Surigao del Sur.

The mine is estimated to hold significantly higher resources than the Padcal mine, which has been in operation for over half a century.

"We are quite focused on getting the Silangan Project closer to completion of its pre-feasibility study by the first quarter of next year," said Philex chairman Manuel Pangilinan.